The United Kingdom’s departure from the European Union in March next year has Raised Concerns among policymakers about the country’s ability to remain a leading world centre for trading currencies and managing trillions of pounds in people’s savings.
Banks, insurers and asset managers in Britain are already taking steps to move staff from London to new hubs in Paris, Frankfurt and Dublin to ensure continuity of service to EU customers after Brexit.
“As the intensity of international competition facing the UK post-Brexit increases, it may become clear that regulators are unduly constrained by their current objectives,” a House of Lords committee said in a report on financial services after Brexit.
Their calls have raised concerns of a return to the “light touch” era of regulation, however, that ended with British taxpayers bailing out banks in the financial crisis.
The report urged the government to name BoE Governor Mark Carney’s replacement as early as practicable to avoid Britain losing clout in international financial standard-setting bodies as its say over EU rulemaking end in just over a year.
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- Bank of England leader calls for 'deeper relationship' with EuropeUPI.com
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